Gramatik’s Cryptocurrency Lets Fans In On His Music Rights and Royalties

It seems everyone is getting in on cryptocurrency movement, and Gramatik is one of the trailblazers as far as electronic musicians go.

While some are privy to the ins and outs of cryptocurrency, the concept is relatively new and constantly evolving. To help people get a grip on GRMTK and how it pertains to the music industry, Gramatik released an official statement:

“GRMTK isn’t just a cryptocurrency, it’s much more than that. Now, my audience can share in my inspiration and success by also owning the rights and royalties of my music, and anything I create and distribute on my upcoming channel. If you hold 100 GRMTK tokens, then you own 100 tokens worth of the rights and royalties of the music and projects I create.”

“I don’t need a major label sucking the life out of me. I was always annoyed about the intermediaries in the industry who extract monetary value from artists. It means creatives have to be business savvy and a lot of them aren’t.”

The producer’s very own cryptocurrency, GRMTK has proven successful — having raised $2.25 million in its first 24 hours. But, according to a recent report from Digital Music News, the blockchain technology has some “serious hurdles” to clear before it becomes widely adopted.